Here's What Happens to Your Salary When You Attend College

Up until recently, college fees have been rising. But that's changing. In the last few years, college costs have dipped according to CollegeBoard data, making higher education more affordable to your average high school graduate.

But is attending college worth it? A recent study by Georgetown University suggests that taking home a degree actually pays dividends in the long run. Put simply, the higher the degree, the more money people make.

Here's what happens to your salary when you attend college.

How much does a degree boost your salary?

More education typically leads to higher salaries. The median lifetime earnings of someone who doesn't graduate high school is $1.2 million. The median lifetime earnings of someone with a professional degree, the highest measured, is a whopping $4.7 million.

Snagging a top-tier degree can more than triple your earning potential. The more you study, the more higher-paid fields open up to you, potentially boosting your salary and earning you millions more over your lifetime -- enough to cover a mortgage, a car, and other essentials.

But only some folks are willing to spend five or more years obtaining a certificate of completion. Most opt for four-year degrees or less, which are typically more affordable and manageable. Across all degrees, here are median lifetime earnings by education level:

Earning a four-year bachelor's degree can double how much money you make over your lifetime. But the value of a degree is impacted by more than education level. Race, gender, and area of study matter, too.

Other factors that boost your salary

Men tend to earn more than women, and white and Asian workers command higher salaries. Your area of study matters, too. The following four-year degrees tend to make the most money:

• Architecture and engineering
• Computers, statistics, and mathematics
• Business

While these majors tend to earn more than, say, liberal arts majors, they don't always. A high-earning (75th percentile) communications major makes twice as much as a low-earning (25th percentile) business major. Occupation matters.

Generally speaking, STEM and healthcare jobs command the highest wages. Folks with bachelor's degrees tend to make the most in these three occupational categories: architecture/engineering, computer/mathematics, and management.

College expenses eat into lifetime earnings

According to educationdata.org, it costs the average student about $25,000 per year to attend a public, in-state college in the U.S (this includes housing, but not interest payments). Private and out-of-state universities are significantly more expensive on average.

You'll want to subtract the cost of obtaining a degree from your potential lifetime earnings to help you judge whether a degree is worth it. The longer you study, the more your degree will cost.

Is it worth getting a college degree?

It is if you want to earn a higher salary and can afford to pay the total cost of college. The right degrees open doors to higher-paying jobs and correlate to higher lifetime earnings. But taking on debt is no trivial decision; consider what you can afford.

Here are three ways to lower the total cost of college:

• Save money beforehand so you don't have to pay as much interest. A college bank account or a 529 savings plan are safe places to store funds, and they earn interest.
• Work a part-time gig in college. You can put the money toward paying off tuition and housing. The best side hustles give gig workers the flexibility to build their work schedule around school.
• Apply for free money. Fill out the FAFSA form and apply for local scholarships: the more local, the fewer applicants, and the greater your chance at obtaining free money.

How much can you afford? Check out a college expense calculator to estimate the cost of a college education, including paying tuition.